Innovating operational resilience with financial messaging standards

Jeremy Kwok
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Jeremy Kwok: Calastone, Birchin Court, UK

Journal of Securities Operations & Custody, 2021, vol. 13, issue 3, 237-242

Abstract: The unforeseen crisis that was brought on by COVID-19 in 2020 has caused numerous disruptions to the industry. The key to remaining operationally resilient is to adapt. This paper explores the opportunity and benefits from the upcoming Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment message migration to ISO 20022. This paper recommends that the industry should proactively embrace new financial messaging standards. This effort should be championed as an investment to future-proof shocks with operations and regulatory risk. This is not just another ‘IT project’ but rather a globally coordinated effort where major central banks are leading the effort. In the end, the paper also advocates best practice on adopting the latest standards from a business analysis perspective.

Keywords: operational resilience; financial messaging standards; SWIFT ISO 20022 migration (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2021:v:13:i:3:p:237-242

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